Long Term Wealth & Succession Planning for Business Owners

As the owner of a business it will be important to ensure appropriate arrangements are in place should something happen to you. In these circumstances have you thought about:

Who will continue to run the business?

Do you intend to pass the business or your share of it to a particular family member?

Will that family member continue to run the business or do you simply want them to have the cash value?

Do you have co-shareholders or business partners who will want to continue to run the business? Will they have funds to buy out your share or will they have to run it with your family?

We can consider questions like these with you and advise on the options available to achieve your wishes regarding the future of your business. This planning may involve key man insurance, cross option shareholder agreements, trusts, life policies or pension death benefits. We will involve colleagues in our commercial department and also work closely with other professional advisers such as independent financial advisers.

You may also own premises or other assets which are used as part of your business. The way in which you own these assets can have tax implications. Our team can advise on this and can also discuss with you how these assets are to be dealt with under your succession plan.

‘Hay & Kilner’ and ‘Hay & Kilner Law Firm’ are both trading names of Hay & Kilner LLP, a limited liability
partnership registered in England & Wales with registered number OC418767. Our registered office is at Merchant
House, 30 Cloth Market, Newcastle upon Tyne NE1 1EE and we are authorised and regulated by the Solicitors Regulation Authority. We use
the word ‘partner’ to refer to a member of Hay & Kilner LLP. A list of the members is available at our
registered office.